Submitted by Hardscrabble Farmer
Cathie Wood Finds Silver Lining After $2 Billion Loss
Cathie Wood joined Bloomberg TV on Tuesday to highlight her ARK Innovation fund (ARKK) can offset future capital gains taxes with fund losses after a brutal year.
The 67-year-old fund manager, with four decades in the industry, disclosed a staggering $2 billion loss resulting from stock sales amid market turbulence. However, she pointed out that these losses can offset future capital gains.
“It’s over $2 billion right now against which we can take future gains and then concentrate towards our highest-conviction names,” Wood said.
She said as her flagship ARKK fund fell from its February 2021 peak, it dramatically reduced its holdings from 50 to just 28 stocks, concentrating on its highest convictions (perhaps too much concentration is not the best idea?).
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